Buying a car is a major life decision, and sometimes the process is made more confusing when deciding between buying and leasing. Most often, leases require anywhere from zero to several thousand dollars for a down payment, making them a good option for individuals who have only saved a small down payment. Leasing cars typically require lower monthly payments, as well, although this does rely on the down payment amount. However, some leases maintain mileage restrictions, and they are only available to individuals with good credit scores.
For individuals looking to keep their car for a longer period of time, buying is often a better choice. When buying a car, an individual owns the vehicle once the loan is paid off. Some loans prevent any vehicle alterations from being made before the loan is paid off, but once the car is paid, owners are free to change the color, add bumper stickers, or upgrade the tires.